Canada's inflation rate decreased to two per cent in August, Statistics Canada reported on Tuesday, finally hitting the Bank of Canada's target in its long campaign to cool price growth.

Canada’s annual inflation rate was 2.0 per cent in August, Statistics Canada says. The agency also released rates for major cities, but cautioned that figures may have fluctuated widely because they are based on small statistical samples (previous month in brackets):

Canadian inflation matched the central bank’s target last month for the first time in more than three years, smoothing the road for further cuts in interest rates.